Yen Strength Weighs on the Dollar

The dollar index (DXY00) on Monday fell to a 2-week low and finished down by -0.05%.  The yen’s strength is weighing on the dollar on Monday after BOJ Governor Ueda signaled a possible interest rate hike at this month’s policy meeting.  Also, Monday’s weaker-than-expected Nov US ISM manufacturing index is bearish for the dollar.  In addition, the dollar is under pressure amid expectations for a Fed rate cut at next week’s FOMC meeting, as the swaps market now discounts a 96% chance of a rate cut at the Dec ...